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or wind turbines. all of these things are encouraging because they're manufactured here in the u.s. or at least most of the parts are. and i would say that's an encouraging sign for the u.s. american worker. >> i'm glad you mentioned that high-speed train. i know that there is one in europe. and a lot of people wonder when in fact we will see a high-speed train like that in america. you are saying plans are under way for a high-speed train? >> absolutely. in fact, i know that in the northeast corridor and in different states there that are affected right now with the downsizing of the automobile industry, they have applied for high-speed rail. also in california here where i come from, they're looking at that long-term plan. and there have already been plans made for it years ago but there have been no funding. now we have been able to jump-start that. so i really do see a movement where we're connecting people and making it easier to commute to work, to live near where they work but also opening up business opportunities because as people make those stops at different places, they
years. with summer behind us and midterm elections ahead of us, president obama hit the road this week to sell the administration's renewed focus on the economy. i spoke with treasury secretary timothy geithner about the plans the president announced this week to spur business innovation. >> i think they can make a very powerful impact. the first order of business is for congress to come and pass this set of very important tax breaks for small businesses. so they can start to hire people back again. once again, be the engine of job creation in this country. second thing, congress can extend the tax cuts that go to middle-class americans so they know today their taxes are not going to go up. those two things themselves are the most important things he can do right now. as you highlighted, you heard from the president today we want to work with congress to put in place a set of additional incentives to encourage investment not just in research and development in the united states but here today and start to rebuild america's infrastructure as well. those things are very important to long
makes up nearly 70% of the u.s. economy. and technology giant cisco will start returning some of the nearly $40 billion in cash it has to shareholders. the company says it will pay a dividend in 2011 of about 1% or 2%. >>> bill gross is the founder and cochief investment officer of financial giant pimco with more than $1.1 trillion of bonds and stock under its management. his total return fund is the world's largest mutual fund, valued at $247 billion. and his words carry weight on wall street and around the world. he joins me right now to talk more. bill so, good to have you on the program. thanks for joining us. >> thank you, maria. >> so it's been two years since the collapse of lehman brothers. you and your pimco team say we've entered a new normal. diminished expectations and growth. tell us what that new normal may look like. >> well, it looks like a slow growth environment with high unemployment in the united states. and it looks like a global economy in which developing economies such as china and brazil do much better than developed countries such as the united states
understands enough about the economy to get us back on a growth path. >> where do you think we are in this recovery? what is the danger ahead for the fourth quarter of the year end 2011, which we continue to hear we're still into the great recession? >> i don't see much growth ahead, maria. 1.6 annualized growth second quarter. i think the third quarter is going to be very similar. i don't see us growing fast enough, at least in the foreseeable future to bring unemployment down very much, if at all. it's not only going to have negative repercussions perhaps extending to 2012, but also the burden and pain in the population is enormous. you know, there is no secret to me why you have all this anger, this bitterness, this frustration, this anxiety expressing itself in a politics of resentment. that's what has happened every time in our history when you get so many people so concerned about their jobs. >> if the bush tax cuts expire for those making more than $250,000 a year, what kind of an impact would you expect on consumer spending, incentives to the business community to creat
Search Results 0 to 3 of about 4